Par for the Course | Floriduh Attorney General, Pam Bondi, Bashes States that Rejected Nationwide Foreclosure Settlement
Florida Attorney General bashes states that rejected nationwide foreclosure settlement Florida Attorney General Pam Bondi stood by the 50-state attorneys general settlement with the nation’s biggest banks on Thursday as California and Delaware formally rejected the proposal she helped negotiate. Bondi said Floridians can’t wait for foreclosure relief and that the draft proposal sent to … Read more
David J. Stern | Foreclosure King to Burger King, Stern buys into Five Guys Burgers
So, this morning I got word that David J. Stern is buying up all the Five Guys Burgers in the country. My source in Fort Lauderdale tells me that attorney David J. Stern has rolled over his $Millions in foreclosure home profits and the cash he got up front from the Chardan 2008 China Acquisition … Read more
Bank of America Impeding Investigation of its Loan Mod Practices by Negotiating Secret Settlements with Borrowers Who Must Agree Not to Criticize the Bank
“The settlement agreement purposefully makes it impossible, legally and practically, for a consumer signing it to come forward, voluntarily and promptly, to provide evidence in this case.” ~ Bank of America Settlements Impede Fraud Probe, Arizona Says Jan. 26 (Bloomberg) — Bank of America Corp. is impeding an investigation of its loan modification practices by … Read more
Naked Capitalism | Yes, Virginia, Servicers Lie to Investors Too: $175 Billion in Loan Losses Not Allocated to Mortgage Backed Securities (and Another $300 Billion on the Way)
Yes, Virginia, Servicers Lie to Investors Too: $175 Billion in Loan Losses Not Allocated to Mortgage Backed Securities (and Another $300 Billion on the Way) The structured credit analytics/research firm R&R Consulting released a bombshell today, and it strongly suggests that prevailing prices on non-GSE (non Freddie and Fannie) residential mortgage backed securities, which are … Read more
Matt Taibbi | Is Obama’s ‘Economic Populism’ for Real?
Is Obama’s ‘Economic Populism’ for Real? My first thought, when I heard about this deal, was that Schneiderman was deciding to compromise on robosigning and other post-securitization abuses, in exchange for a mandate to go after the much bigger crimes, which took place in the origination/securitization stages. The securitization offenses were massive criminal conspiracies, identically … Read more
Friends of Angelo | Issa Instructs Law Firm to Conceal Members’ Identities in Countrywide Documents
Issa Instructs Law Firm to Conceal Members’ Identities in Countrywide Documents Cummings Questions Next Steps of Committee’s Investigation of “VIP” Loan Program Washington, DC (Jan. 25, 2012)—Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, sent a letter to Chairman Darrell Issa asking why he directed the law … Read more
Action Alert | Brooklyn NY Foreclosure Auction Blockade Action – Today at 1pm, Jan 26th
Defend Brooklyn homes from foreclosure today by stopping the auctions! Date/Time Date(s) – Thu. Jan 26 2012 1:00 PM – 5:00 PM Location Brooklyn Supreme Court 360 Adams Street Brooklyn, NY 1-2pm – Meet first at FUREE, 81 Willoughby Street, Room 701, Downtown Brooklyn Contact: http://www.nycga.net/members/misfist/ Schedule 1-2pm – Meet at FUREE, 81 Willoughby Street, … Read more
Ellen Brown | WHY ALL THE ROBO-SIGNING? SHEDDING LIGHT ON THE SHADOW BANKING SYSTEM
WHY ALL THE ROBO-SIGNING? SHEDDING LIGHT ON THE SHADOW BANKING SYSTEM The Wall Street Journal reported on January 19th that the Obama Administration was pushing heavily to get the 50 state attorneys general to agree to a settlement with five major banks in the “robo-signing” scandal. The scandal involves employees signing names not their own, … Read more
SIGTARP Report | The Special Master’s Determinations for Executive Compensation of Companies Receiving Exceptional Assistance Under TARP
Summary When Congress created the Troubled Asset Relief Program (“TARP”) in 2008, it included some limits on compensation for employees at companies that received TARP assistance. After several major TARP recipients paid employees billions of dollars in bonuses for 2008, the President, the U.S. Department of the Treasury (“Treasury”), and Congress expressed frustration. The President … Read more
Repost | (I Can’t Get No) Satisfaction | Mortgage Reincarnation – Paid Off Mortgages Coming Back to Life at an Alarming Rate
In light of the story, Reuters | Old Mortgages Rise from the Dead, Haunt Homeowners, we re-present the post that discuses mortgage reincarnation from a few weeks ago. The post features the Bowers family from the Reuters piece… Enjoy! ~ Manufactured Fraudclosure Via Revocation of Satisfaction of Mortgage Over a year ago, we started noticing … Read more
Reuters | Old Mortgages Rise from the Dead, Haunt Homeowners
“This is an epic problem that the economy hasn’t even begun to digest,” said Florida foreclosure analyst Lisa Epstein. ~ Old mortgages rise from the dead, haunt homeowners (Reuters) – In July 2009, Roy and Sheila Bowers refinanced the mortgage on their suburban ranch home in Topeka, Kansas. The couple wanted to take advantage of … Read more
Kamala Harris: National Mortgage Deal Still Not Good Enough For California
Kamala Harris: National Mortgage Deal Still Not Good Enough For California One day after New York Attorney General Eric Schneiderman was named co-chairman of a federal mortgage fraud task force, California Attorney General Kamala Harris announced that she still refuses to join the national foreclosure settlement currently under negotiation among the Obama administration, the state … Read more
Cummings Calls for Testimony and Documents from Mortgage Bank CEOs
Cummings Calls for Testimony and Documents from Mortgage Bank CEOs Letter Documents Committee’s Effort to Protect Banks While Attacking New Consumer Protection Agency Washington, DC (Jan. 23, 2012) – Today, Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, sent a letter to Chairman Darrell Issa renewing his requests … Read more
Dylan Ratigan | Fixing America’s Foreclosure Problem (VIDEO)
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